Colorado-Real-Estate-Journal_431466

Don’t let the couch win: Attracting new retailers INSIDE Relationships, staying true to values are the keys to longevity in CRE Perspective Uncertainty around interest rates intensifies post-election The Fed PAGE 12 November 2024 PAGE 6 I was recently invited by the Economic Development Coun- cil of Colorado to discuss strat- egies for attracting retailers to cities in Colorado. Retailers such as Trader Joe’s and Chicken N Pickle are often the talk about town – everyone’s asking about them, and city council members are eager to deliver. However, before we can reel in these coveted brands, we must confront the challenges posed by the internet and the allure of the couch, our silent adversaries. Shop- ping online from home is the true rival to traditional brick-and-mortar stores. To encourage residents to venture out, cities must take a criti- cal look at their existing brick-and- mortar offerings, their internal pro- cesses and behav- ior, and determine the overall attrac- tiveness of their retail markets and community. n Cities are the finishers, not the starters. Let’s keep it simple: A city aims to secure interested retailers, retain existing retailers and improve the overall shopping experience for its citizens. Cities need to let the private sector bring opportunities to them and respect the fact that the retailer knows its customers better than they do. Retailers can’t afford to rely on cities’ opinions of their customers anyway. So, cities need to create the tools necessary to secure the retailers after they have decided their city has potential. It is essential to have your city prepared for development when that retailer comes knocking. n Cities need to focus on appearance and maintenance. Instead of reaching out to that shiny new retailer, it’s time to chat with your maintenance crew. A city should feel inviting – overgrown or excessive landscaping won’t cut it. When retailers visit, they’ll be assessing whether your city is on an upswing or a down- ward spiral. Overall neglect sends a message: “We don’t care.” Be proac- tive! Partner with owners and retail- ers to update facades, signage and landscaping – make areas appeal- ing. Remove eyesores, and don’t be afraid to correct mistakes: City of Parker, “Please stop planting Pon- derosa pines in urban areas” (9185 Please see Crosbie, Page 16 Scott Crosbie Partner, Crosbie Real Estate Group LLC New Trump administration expected to drive leasing demand, investment Resurgence PAGE 10 It’s all too easy for consumers to shop online from the comfort of their couches, but cities have the power to change that.